An Axa spokesman said Dean’s stepping down came in the wake of Axa Wealth’s decision to bring its on and offshore platform distribution operations together, to simplify things and to give its IFA clients a "more cohesive and comprehensive" service.
As part of this, the international sales team led by Richard Leeson has been "aligned" with the main Axa Wealth distribution business, headed up by managing director David Thompson, Axa head of communications Paul Riddell added.
Combining the roles of CEO and COO "into one new managing director role" followed this streamlining, Riddell said.
"Kevin has been instrumental in building our offshore business over the past 12 years, which resulted in it becoming and maintaining a No.1 market share position."
In a statement, Nick Elphick, chief operating officer of Axa Wealth, thanked Dean for his "considerable contribution to the business" during his time with the company.
12 years at Axa
Dean, who was based on the Isle of Man, started working for Axa Wealth International in 1999, when it was known as Sun Life International. He became managing director in 2000 and chief executive in 2008.
He began his career in banking in the UK and then in Australia before joining the life assurance industry in the UK.
Foy also joined the company in 1999, and has been MD of Axa Isle of Man since 2008.
Axa is considered the largest seller of offshore bonds in the UK market and a growing force internationally. In an interview last year with International Adviser, when Leeson was lured from Prudential International to help drive an expansion of Axa’s international business, Dean said the Axa Group had identified the expat market sector as a potential key area for growth.
